Globalnet Financial/ Telescan merger collapses

Different strokes

The merger agreement between GlobalNetFinancial.com and Telescan has collapsed, with the two financial dotcom sites hurrying to unwind shareholdings in each other. GlobalNetFinancial is also stumping up $250,000 to pay towards merger expenses incurred by Texas-based Telescan.

So what happened? In a joint statement, the companies say - in effect- that they are better off pursuing their "respective growth strategies". That would be an argument, then? ®